

Yeah you would. It depends on the exact implementation and luckily with so many countries involved there’s a lot less possibility to get consensus on privacy invasions, but from a technical perspective there’s nothing that stops the EU from later changing what they agreed upon now.
So what this means is that you’ll have to trust the EU that
- they implement this how they say they will
- they won’t later change the system to use it for mass surveillance
A proper replacement for cash is Monero. I know blockchain useless and crypto bad and all but that’s a real private digital currency where you’d have to be wanted by the CIA or Mossad to even face the threat of having your payments tracked.
We’re to the left of the US but if you look around Europe, our parliaments and governments are full with right wing extremists. The so-called centrists are politically and rhetorically where today’s Nazis were 10-15 years ago (at least that’s how the Nazis presented themselves to the public while they still had to).
Otherwise I do think your explanation makes sense.